There’s no question that starting a business takes time. Small business owners want to get up and running quickly, but they might waste time by not being prepared for startup steps. Many parts of the startup process can be expedited to help you open your doors as soon as possible. If you’re just getting started, make sure you’re doing these three things to streamline your business’s opening.
A lot of aspiring business owners face obstacles in their startup process because they haven’t done the necessary planning. If you haven’t done the necessary research and created a solid plan, you’re more likely to get turned around or spend time considering your options. In order to take your small business from conception to reality quickly and efficiently, the biggest thing you need is a plan.
You should spend the most time on business research and ideation. Look into the needs of your target market and consider the most appropriate industries for a new business. Conceptualize realistic product or service lines. Make sure your business idea is financially feasible. From there, write a thorough business plan that details your business’s purpose, budget and financial projections.
If you don’t want to spend as much time on business planning, investing in a franchise might be a better choice. Franchises are already established brands with proven products or services. This can save you a lot of time in the research and ideation stage. Your biggest concerns will be determining whether a franchise will meet a need in your market and whether it’s financially feasible for you.
Using the services of a franchise consultant can help you narrow your focus based on your interests, investment level, and franchise availability in your preferred territory. The services of a franchise consultant are complimentary to you as franchise consultants earn a fee from the franchisor when a new buyer signs the franchise agreement.
File all necessary paperwork
Amidst all the planning and funding considerations, small items like filing paperwork with the government can get overlooked. Unfortunately, failing to do things like register your business name, file for incorporation or apply for a business license can push back your launch date. Worse, the timeline for these approvals are at the mercy of the local, state or federal government—meaning there might be unforeseen delays.
After you finish your business plan and decide to move forward with your startup, make a list of all the licenses, IDs, permits and other filings you need to complete. Do these things as soon as possible, so they are approved well before your anticipated opening date.
Consider fast funding
Funding is the next biggest roadblock new business owners encounter during the startup process. You might have a fantastic business idea, but it means little if you don’t have the capital to launch it! Additionally, some forms of financing, such as SBA loans, take months to apply for and finalize. This can draw out the startup process significantly.
If speed is your goal, there are a few options that can get you funded in just a few weeks. One of these is a Rollover as Business Startup (ROBS). ROBS is a great “fast funding” choice because it mobilizes money you already have in a retirement account from a previous employer. A third-party administrator will set up a new 401(k) for you under the new business, roll the funds over and deploy them as an investment in your company. It’s not a loan, and it does not come with early withdrawal penalties. Better yet, ROBS can infuse your business with capital in as little as four weeks!
Tenet Financial Group has years of experience installing and maintaining ROBS plans for entrepreneurs. Contact us to learn more about this exciting funding option and get your business open without delay.